Our world is becoming undeniably digital with each day passing. Even the smallest part of our lives, without us knowing, has become digital. Be it the bit you use to track your exercise regime or the smartwatch you are using.
3 Major Technologies Of Emerging Digital World
New technologies like AI, IoT, and big data are making big news in the digital world. These new technologies when incorporated into business models have made many companies achieve more success in this competitive world.
Digital transformation is incorporating new technologies into different business areas which adds more value to the company. What exactly are AI, IoT, and big data? Let’s find out!
AI or artificial intelligence in simple words can be any machinery or program that has the intelligence of a human being. A good example of AI, that most people might know of is Apple’s Siri. This mobile assistant uses different layers like sensing ( understanding what people are enquiring about), reasoning( using natural processing language to get an answer for the question asked), and communicating using the same NLP to tell you the answer.
This is just a small example, now if you think about it, your life is filled with these kinds of AI programs without you even knowing. You cannot operate any business without the help of an AI.
IoT or the internet of things is an interrelated object with an internet connection that sends and receives data through a wireless network excluding human interruption.
Smartwatches, google home, or amazon echo are all examples of IoT.these are physical items embedded with sensors so that they can easily send and receive data for optimal performance without the help of a human. IoT is really important nowadays because everything we use is connected and it makes life much easier.
Big data put into simple words are big volumes of data that are impracticable to process using traditional methods. Big data is relatively a new concept and is based around the concept of three v’s. The v’s being:
- Volume: this is the most important one in big data. The volume of data matters. There can be a huge amount of data that is low-density and unstructured. It differs from organization to organization.
- Velocity: velocity is the rate at which the data is obtained or acted on. The data coming with that speed should be dealt with properly and in a timely manner.
- Variety: Data comes in all forms it could be unstructured, text documents, numerical data, etc. Data can also be in the form of audio, video, and text data. These are called semi-structured data.
Two new v’s have been introduced recently and they are:
- Veracity: veracity simply means the quality of the data. As the data comes from different sources it gets hard to link and match the data.
- Value: this is the key to converting data available into business. The data that has been following it should be converted into something useful for the business to grow and make new strategies.
Big data is of more value now due to the insane amount of data produced by different sources. It is not about how much data you have, it is about converting these data into something of value, to get answers for cost reduction, ideas for new product development, time reduction, etc.
AI, IoT, and big data have changed the digital world forever making everything much easier and within our fingertips. Using technologies like these helps organizations raise their value and can help to survive the competitive market. By taking up IoT, ai and big data companies will be able to undertake new opportunities that will lead toward digital transformation.
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